(a) There is hereby established a fund which shall be identified as the Municipal Tax Increment Equivalent Fund. This Fund shall be utilized to receive money generated by the payments in lieu of taxes from the Shoreland Crossings Development Project.
(b) Any funds derived from the payment in lieu of taxes as set forth by the Tax Increment Financing and Development Agreement between the City and The Marucci Group, LLC, shall be deposited into this fund until such time as the Finance Director determines that the funds shall be transferred to the Debt Retirement Fund for the payment of the principal and interest on the notes and/or bonds issued for the infrastructure improvements in the Shoreland Crossings Development Project under the terms of the Tax Increment Financing and Development Agreement executed between the City and The Marucci Group, LLC, and for payments due to the Willoughby-Eastlake School District under the terms of the Compensation Agreement executed between the City of Willowick and the Willoughby-Eastlake School District on or about December 29, 2005.
(c) The Fund shall remain in existence until such time as the City receives payment in lieu of taxes equal to the total amount expended for infrastructure improvements by the City under the terms of the Tax Increment Financing and Development Agreement, or until such time as utilization of the fund is no longer legally permissible.
(Ord. 2006-78. Passed 10-17-06.)